Please i'd like to know what a domi account mean in a banking world.I was trying to ask my bank oceanic bank if they operate money wiring from or to a foreign account (forex account)but their response was not satisfactory,so i asked a friend and he told me i can transfer money via money wire if only i have a domi account.Please i'm confused.

You can work in to any bank and tell them you want to open a domi acct there. You would be required to fill out some form and also you would need to have two ref.

After this you would make a deposit in your acct after it has been opened and whenever you need to to make a transfer you do it with you domi acct. Before a money wire can be made, it has to be form your domi acct or you would have to have a domi acct. Banks have different minimum open balance. You can try GTB

Conditions for domiciliary account are:You must have:1. A current account with the bank;2. operated the account for 6 months3.at least $50 or more as minimum deposit(it depends on the bank, GTB is $50-$150) pls confirm from GTB That is all. It is very simple.

Other banks have different rules, but I opened my domi account for £50 at GTB.And make sure you tick all the major currency. ie £, $ etc when you open your account.All the best.

a domiciliiary account is simply a foreign currency denominated account. this means accounts in currencies other than our dear old naira.

GTB seems to still have the best and easiest to run dom account. and all you need are:

2 referencesfill the form (ensure to tick all the major currencies on the form, (it negates you having to fill a form everytime you want to open other currencies, and you dont have to fund it all at once)one passport pictureyour id cardutility bill (phcn, nitel water etc)

i think thats all (at least thats what i can remember) and you no longer need to have a current account running with them, you can simply open the dom account only.

when you wire money in, in addition to the cots of wiring you will pay to the bank abroad, you will also pay a 1% fee to withdraw it in nigeria. and beware, your transactions are always logged with cbn and efcc, so ensure you do no fraudulent transactions!

@poster,am wondering what u mean by unsatisfactory response.have been using oceanic bank for sometime now and theres been no problem.u can wire money in or out without even a dom acct,thats if u have a naira current account with them.but for ease of transactions its better to have a dom account.opening one is just like opening a naira current account.and yes every transaction goes to efcc and cbn.so watch it.

You must not have a current account to be able to operate a dom account.Just walk into any bank,obtain a dom account opening package,fill it with two passport photos,you international passport/drivers licence,two references from people that run current accounts either in that bank or in any other bank.If it's a dollar account you make an initial deposit of $100,also if it's a pound account you make an initial deposit of #100.Try Fidelity bank,they are good in it,especially with BTA and PTA.Cheers

I learnt all these 6 months of Current Acct stuff is crap. I learnt it is possible to open itat anytime you wish provided you've got a current account. I was told this by someonethat opened his with, whoelse but GTB!